- Appreciation of rupee helped government to lower prices: Dar.
- The PM ordered to pass maximum relief to the masses, said the minister.
- The new prices will be effective from July 16 (Sunday).
Finance Minister Ishaq Dar announced on Saturday that the price of petrol and diesel has been reduced by Rs9 and Rs7 per litre, respectively in the fortnightly review.
In a televised address on Saturday, the finance minister said that one petroleum product has witnessed a rise while the price of another has fallen in the international market for the past 15 days.
After the reduction, petrol is now at Rs253 per liter while the price of HSD is Rs253.50 per litre.
Dar said that no change has been made in the petroleum development levy (PDL) which has been raised to Rs60 per liter at the request of the International Monetary Fund (IMF).
The new prices will be effective from July 16 (Sunday).
The finance minister said the local currency has appreciated against the US dollar in the last 15 days after Pakistan signed a staff-level agreement with the International Monetary Fund (IMF) on $3 billion Stand-By Arrangement (SBA).
He said that Prime Minister Shehbaz Sharif has directed the authorities concerned to provide maximum relief to the masses.
In the past, The news reports citing the oil industry that international prices of petroleum products have increased in recent days, but because the domestic currency appreciated against the dollar after the IMF approved a $3 billion loan and released the first tranche of $1.2 billion, consumers will benefit from the reduction of petroleum. price.
According to the oil industry working, the ex-depot price of petrol shows a decline to Rs251.92 per liter in the next two weeks – a Rs10.08 decrease from the current price of Rs262 per litre.
Meanwhile, the ex-depot price of HSD posted an increase of Rs3.66 to Rs264.16 per liter against its current price of Rs260.50 per litre.
The price of light-speed diesel shows an increase of Rs1.43 per liter to Rs155.65 per liter as compared to the current price of Rs154.22 per liter.
Similarly, the ex-depot price of Kerosene also showed an increase of Rs0.73 per liter to reach Rs171.78, compared to the current Rs171.05 per liter.
The exchange rate helped lower the ex-depot price of gasoline, while the increase in the ex-depot price of diesel also remained low.
The government levied a Rs55 per liter petrol charge on petrol, which was raised by Rs5 per liter in the last price review.
The government charges Rs50 per liter of PL in HSD, while it is required to raise it to Rs60 per liter under IMF conditions.
However, instead of changing the PL by Rs10, the government may increase it by Rs5 per litre.